New Trends Of HCMC Office Rental Market
The trend of Hybrid Working in the HCMC office rental market is increasingly popular after the pandemic when many large companies apply. Facing the great demand for office space to apply the Hybrid Working model, many new office buildings in Ho Chi Minh City also quickly adapted in terms of design and operation to match this trend.
Office rental market report
According to the market report for the first quarter of 2022, the office rental market in Ho Chi Minh City remains stable with the average occupancy rate reaching 90% and the rental price at 716,000 VND/m2/month. While Grade A and B offices decreased by 1% in capacity, Grade C offices increased by 1% QoQ, reaching 91%.
Currently, the office leasing segment has a positive growth again with consumption reaching 16,500 m2, higher than the consumption of 1,500 m2 in the fourth quarter of 2021. This positive growth comes from the strong recovery of HCMC’s economy after the pandemic. Savills Vietnam forecasts that the demand for office leasing in the Information Technology – Communication industry will account for a high proportion thanks to active support policies from the Government.
The performance of the office market in 2022 will be extremely prominent. Specifically, by 2025, 17 projects with a total area of more than 526,000 m2 will be put into operation. 2 Grade B projects and 3 Grade C projects will provide an additional 60,000 m2 of usable area for the office market in September 2022. In addition, the labor market in Ho Chi Minh City continues to show positive results when creating 310,000 new jobs, based on an estimate that each employee needs 8m2 of office space to work. Therefore, the office leasing market will record many positive and promising signs in 2022.
The office market is quickly recovering from the gap with high rental demand but limited supply. “In particular, the trend of combined offices is becoming more and more popular as a viable and cost-optimal solution for businesses.
You can know more about the office rental market here: Vietnam Office Rental Market Still Challenging
The new trend in the office rental market
It can be seen that the Covid-19 pandemic has made many people choose to work from home, only going to the office when necessary to save maximum costs, so virtual office services, day-sharing offices, etc. The more increasing, the trend of working Hybrid Working is also one of the new office models that are receiving the attention of businesses in recent times in Vietnam thanks to the appropriate macro factors that accelerate the progress of the business. this program.
This model allows employees to be flexible between working in the office and working remotely. Hybrid Working is also highly flexible as employees can control their working time and life balance, and reduce the risk of infection or any other potential instability in the future.
From the perspective of businesses, companies can save operating costs such as office space, utilities, electricity, etc., thereby reinvesting, developing products to compete, and at the same time. , enhancing the ability to maintain continuity under all circumstances.
Hybrid Working is an inevitable trend, but when implementing this model, businesses need to consider the appropriateness of the business for the model by assessing the nature of the working group, then change management so that the transition becomes smooth and efficient. In other words, it is a change management process and effective communication for employees to adapt to change and responsiveness is a measure of success.
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